Nearly 100 Nevada REALTORS® members made the trek to southern California last week to attend the National Association of REALTORS® Conference and Expo. The event kicked off at the San Diego Convention Center last Thursday (Nov. 11) and continued through the weekend with governance meetings, industry-specific classes and presentations and wrapped up today with its annual fall Board of Directors meeting.
Forty-three NVR members served on a variety of NAR committees in 2021. Those committees ranged from Consumer Communications and Insurance to Finance and MLS, as well as everything in between. Those committees wrapped up their 2021 work with end-of-the year meetings in recent days. Another highlight of the event was the installation gala of 2022 NAR President Leslie Rouda Smith. Click here to read more and see a variety of member pictures from the event.
By Christal Park Keegan, NVR Legal Information Line Attorney
As a first-timer to the National Association of REALTORS® Annual Conference, one couldn't help but be swept up in the excitement to be back for in-person events. But most importantly, every session attended highlighted the importance of REALTORS® in facilitating a real estate transaction. As your attorney, I share snippets of information from some of the sessions attended to help members optimize their practice, better serve our community, and boost professionalism while buffering liability. Click here to read more.
Remember, NVR members are always welcome to email the Association's Legal Information Line at: InfoLine@NVRealtors.org. Inquiries will get a response within one business day.
The National Association of REALTORS® Board of Directors and Delegate Body today approved nine transformative recommendations for the way NAR governance operates. The changes, which go into effect immediately, focus on the governance structure, process, people, resources, and culture of NAR.
The changes include:
A requirement that NAR's volunteer leaders-directors, Executive Committee members, committee liaisons, committee chairs and vice chairs, and RVPs-satisfy specific qualifications and performance expectation.
Changes to the composition of the Board of Directors.
Changes to the composition of the Executive Committee, as well as more frequent meetings and decision-making authority for the Executive Committee.
More specific duties for NAR Regional Vice Presidents and an electronic voting process, to be devised by NAR's Campaign Credentials & Rules Committee, in which NAR directors in a region elect their RVP candidates.
That Article IV of the NAR Constitution be deleted and replaced with language that reflects the new qualifications and composition of the Board of Directors.
That Article V of the NAR Constitution be deleted and replaced with new language that reflects the authority, qualifications, and composition of the new Executive Committee.
That Executive Committee members be reimbursed by NAR for their travel expenses related to attending Executive Committee meetings consistent with NAR's member travel policy.
The changes were based on a set of recommendations from the Governance Game Changer Presidential Advisory Group. The 50-member PAG was appointed for a three-year term by NAR's 2018 leadership team under then-President Elizabeth Mendenhall. NAR's 1999 President Sharon Millett, a broker from Maine, served as PAG chair and Virginia REALTORS® CEO Terrie Suit served as vice chair.
NAR'S 2021 leadership team endorsed the PAG's recommendations prior to the 2021 REALTORS® Conference & Expo, which took place in San Diego Nov. 12-15.
Changes more explicitly state spirit, intent of NAR Code of Ethics and policies regarding information about commissions, broker marketplace participation
The National Association of Realtors® announced today the adoption of changes to its guidance for local Multiple Listing Service broker marketplaces that reinforce greater transparency for consumers. The changes ensure disclosure of compensation offered to buyer agents, ensure listings are not excluded from search results based on the amount of compensation offered to buyer agents, and reinforce that buyer brokers do not represent their services as free. The NAR Board of Directors adopted the changes to take effect Jan. 1, 2022.
"Grounded in our commitment to act in the best interests of buyers and sellers, we regularly review and update our guidance for local broker marketplaces to continue to advance efficient, equitable and transparent practices," said NAR President Charlie Oppler. "These latest changes more explicitly state what is already the spirit and intent of the NAR Code of Ethics and local broker marketplace guidance regarding consumer transparency and broker participation."
Read more about the Pro-consumer changes adopted today by clicking here.
By Christal Park Keegan, NVR Legal Information Line Attorney
Welcome to Part II of this Two-Part Special, which dives deeper into a Legal Information Line frequently asked question about whether the definition of a business day also includes business hours. But quickly, to summarize what was discussed in Part I, overall real estate licensees should:
Read the contract!
Mark calendars!
Constantly follow-up to ensure the transaction is on track!**
**This includes ensuring the other parties to the transaction (the lender, home inspectors, title company, etc.) understand their deadlines and responsibilities. Additionally, its vital agents have a strong grasp on the time frames appraisers, home inspectors, etc. are operating on, so that realistic and competent dates can be entered into the contract from the get-go, which puts clients in the best position, rather than at the mercy of the seller agreeing to an extension! Click here to read the full article.
By Christal Park Keegan, NVR Legal Information Line Attorney
Effective October 1, 2021, a new exemption has been added to the Seller Real Property Disclosure (SRPD) requirement. On Page 4, see NRS 113.130 Section 2 which identifies those exempt; the newest subsection (e) excludes
[b]y a fiduciary under title 12 or 13 of NRS, including, without limitation, a personal representative, guardian, trustee or person acting under a power of attorney, who takes temporary possession or control of or title to the property solely to facilitate the sale of the property on behalf of a person who is deceased or incapacitated.
If a seller is asserting exemption, there's a several ways this can be handled:
On the SRPD seller can declare the type of seller, such as checking the "Other" box, and writing in trustee (or other appropriate title), and in the additional terms asserting the appropriate exemption, such as "Seller is exempt, per NRS 113.130(2)(e)."
Some local REALTOR associations and/or brokerages provide a Seller's Notice of NRS 113 Exemption form which can be duly executed and kept in the client's file.
Defer to brokerage policies and broker guidance.
There's also another change on the SRPD! It's located towards the top of the first page in unmissable red font and says: "A seller that requires an ADA complaint version of this document can contact Nevada ADA Assistance for their request". This supports seller's agents from not filling out the SRPD, which piggy backs off the last updated version of the SRPD on 9/2/2021 which reflected the passage of AB 398 this last legislative session, "A seller's agent shall not complete a disclosure form regarding the residential property on behalf of the seller." (NRS 113.130(2)). Now, when a listing agent's client has difficulty reading the teeny tiny font on the SRPD, instead of embarking on what could amount to filling out the SRPD on behalf of the seller, agents can refer sellers to get a readable version from the appropriate governmet entity. How great is that!
